UNITED STATES OF AMERICA
Before the
SECURITIES AND EXCHANGE COMMISSION
SECURITIES EXCHANGE ACT OF 1934
Release No. 38855 / July 21, 1997
ADMINISTRATIVE PROCEEDING
File No. 3-9054
___________________________________
:
In the Matter of : ORDER AMENDING APPENDIX A
: TO ORDER INSTITUTING
REFCO SECURITIES, INC. : PUBLIC ADMINISTRATIVE
: PROCEEDING, MAKING
Respondent. : FINDINGS, IMPOSING
: REMEDIAL SANCTIONS AND
: ISSUING CEASE-AND-DESIST
: ORDER
___________________________________:
On August 6, 1996, the Securities and Exchange Commission
("Commission") instituted public administrative proceedings against Refco
Securities, Inc. ("RSI") and accepted RSI's Offer of Settlement pursuant to
the Order Instituting Public Administrative Proceeding, Making Findings,
Imposing Remedial Sanctions and Issuing Cease-and-Desist Order, SEA Release
No. 37531 (August 6, 1996) (the "Order"). Pursuant to its undertakings in
the Order, RSI has submitted to the Commission, for its approval, a Plan of
Distribution ("Plan") for payment of $3,250,000 to the defrauded clients of
Steven D. Wymer ("Wymer").
The Order provides that "[t]he Participating Client's Share of
Distribution shall be reduced by the amount of any prior settlement with
RSI of any claim relating to Wymer's fraudulent conduct. Such amounts
deducted from the Participating Client's Share of Distribution shall be
distributed, pro rata, to those Participating Clients who have not settled
with RSI." (Appendix A, Section III). In connection with the
implementation of the Plan, the Division of Enforcement has requested the
Commission to modify the Order by deleting this language, and RSI has
agreed to this modification. One Participating Client reached a prior
settlement with RSI. The Plan, as amended, does not reduce this
Participating Client's Share of Distribution because the Participating
Client settled its Wymer-related claims with RSI based on an understanding
that the Participating Client would receive a full Share of Distribution
from the Plan.
The Commission has determined that it is appropriate to delete the
above-quoted provision from the Order.
Accordingly, IT IS HEREBY ORDERED that the Plan of Distribution is
APPROVED. The Order is modified to conform to the Plan of Distribution by
deleting the first two sentences of Section III of Appendix A.
By the Commission.
Jonathan G. Katz
Secretary
======END OF PAGE 2======